Competition Commission fights on against PPI
Thursday 09 July 2009
The Competition Commission will continue its campaign against payment protection insurance (PPI) schemes, which consumer lobby groups have long condemned for their loopholes and poor value for money.
The Commission will continue its battle while awaiting the outcome of a legal appeal by Barclays. The sale of single premium PPI – covering debt repayments if the policyholder is unable to work due to an accident or illness, or if they lose their job – has already been banned after the Financial Services Authority (FSA) decided to act on a recommendation from the Commission in a damning report issued earlier this year.
Barclays filed its appeal against the Commission's decisions in March, especially in protest at the PPI single premium ban, with the hearing set to take place on 10 September.
Peter Davis, Competition Commission deputy chairman and inquiry chairman, said: "Whilst we are waiting for the outcome of the appeal, by continuing with the necessary preparations like this, we can hit the ground running once the appeal is finalised. Taking these steps now will help ensure there is no unnecessary delay in resolving the significant competition issues we found in this market."
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